Belarus

The Republic of Belarus is a member country of the Eurasian Economic Union – an International Organisation of Regional Economic Integration with international legal existence established by the Eurasian Economic Union Treaty. The EAEU ensures the freedom of movement of goods, as well as services, capital, workers and a unified policy in all economic sectors for all member countries.

The dynamics of the foreign trade in Belarus is characterised by a rapid increase in the volume of trade and services. This is due to high rates of economic growth, significant scientific, technical and transit potential, participation in integration processes within the CIS, as well as diversification of trade and economic relations with other countries.

The Astana International Financial Centre (AIFC) was launched on the 5 July 2018. It is a financial hub located in Astana, Kazakhstan. The aims of AIFC are to attract investment and bring in clients from Asia, Europe and the Middle East.

In 2017 the International Federation of Consulting Engineers has introduced major amendments to FIDIC 1999 Yellow, Red and Silver Books which have been in use in the construction industry for almost twenty years.

On October 12, 2018 a new edition of the Rules of Carrying Passengers, approved by the Resolution of the Council of Ministers of the Republic of Belarus dated 31.08.2018 No. 636, shall enter into force. Carriers and dispatchers will receive additional obligations.

Amendments were made to the Instruction on Regulation of Prices of Goods (Works, Services) of Legal Entities and Individual Entrepreneurs included in the State Register of Business Entities Taking Dominating Positions on Market of the Republic of Belarus.

Land relations can be a crucial issue for foreign investors considering whether or not to start a business in a particular country. Let us provide you with a summary of land legislation of Belarus and the opportunities it offers for business.

Edict of the President waived the requirement for legal entities and individual entrepreneurs – residents of Belarus – to sale its foreign currency earnings in the domestic foreign exchange market starting from August 4.

Starting from July 23, 2018 Law of the Republic of Belarus No. 52-Z dated 17.07.2017 “On Investment Funds” entered into force, and a new mechanism of attracting investments emerged in Belarus – investment funds.

Good news for foreign guests and partners – possible stay period in Belarus without visa has been extended to 30 days! This preference is available for foreigners in case of entry into the state and subsequent exit across the state border via Minsk National Airport.

On 21 December 2017 Alexander Lukashenko signed the Decree which significantly improves the conditions for residents of the High-Tech Park and makes our country much more competitive in terms of creation of a modern digital economy. The provisions of the Decree came into force on 28 March 2018.

The document establishes that legal entities in Belarus have the right to own any tokens (including crypto-currencies), store tokens in the virtual wallets, exchange tokens for one another or for fiat money. Belarusian legal entities now have a unique opportunity to create and place their own tokens in the Republic of Belarus and abroad via crypto platform operators and crypto currency exchange operators(such operators must be registered as High-Tech Park residents).

On 29 January 2018 the Management Board of the National Bank introduced a number of changes to the Instruction on the bank transfer.

Among the most important changes is cancellation of requirement to put a seal on settlement and other documents.

Also an entirely new kind of bank transfers - direct debiting of the account was introduced. The procedure for the initiation of payment by using direct debit of the account is the following. A beneficiary through the service bank provides payment request stating the acceptance of a unique number and then enters the payment system through the service requirements of the bank. If the corresponding system accepts number, the funds are debited automatically from the payer to the beneficiary.